Get advice

We know that getting the right advice is key to making informed financial decisions. That’s why we offer our members access to both an online advice tool, and more comprehensive face-to-face personal financial advice.

Contribution caps

Who is responsible for monitoring contribution caps?

The end of the Financial Year is approaching faster than you think… take the opportunity to check how you are tracking on your contribution caps to avoid paying additional tax!

As an incentive to help people save for retirement, superannuation contributions enjoy concessional rates of tax. The Government imposes limits (contributions caps) on the total amount of contributions that can be made to super in each financial year, while still receiving concessional tax treatment.

There are two contributions caps which are relevant, the concessional and non-concessional contribution cap. If you go over the caps, you may pay a much higher tax rate on those contributions that exceed the caps. Each cap applies to all contributions made by you or on your behalf in a financial year, regardless of how many employers or super funds you have.

As contributions can come from multiple sources and be made into multiple funds, it’s not an employers’ responsibility to monitor the contributions made into their employees’ accounts to ensure they don’t exceed the caps.

QIEC Super is committed to ensuring that our members have the best possible outcome in retirement. We send a letter to our members who are nearing a contribution cap as a warning, however, it is important that you monitor and track contributions made to your superannuation fund to avoid exceeding the concessional and non-concessional contributions caps. This is especially important where contributions are made to more than one fund as superannuation providers are unable to monitor contributions across multiple superannuation funds.

How can you check your caps?

Phone - Call our friendly Contact Centre staff who will be more than happy to help you on 1300 360 507.

Email - If you’re busy, maybe email suits you better – email info@qiec.com.au and we will get back to you.

Member Online – Log onto Member Online (if you don’t have access, by calling our Contact Centre they can set you up over the phone).